Ethereum
$34 million in Ethereum (ETH) in 24 hours, what’s happening?
Mushumir Butt
Ethereum whales appear to be dumping their ETH holdings
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Ethereum (ETH) whales have started making major moves amid continued market uncertainty. According to the latest tweet from Whale Alert, 11,215 ETH have been transferred from an unknown wallet to cryptocurrency exchange Coinbase earlier today.
This latest ETH transaction is estimated to be worth around $34.35 million. This is a major move as it appears that the whale moved ETH in order to trigger a massive sell-off. Additionally, the timing of this sale is crucial as it comes amid the recent market crash.
The broader cryptocurrency market has been consolidating after last week’s crash. The price of Ethereum, the leading altcoin, has collapsed by 16.68% in the last 30 days. This shows the intensity of this market crash, which is impacting major coins like Ethereum and Bitcoin (BTC).
While many are still expecting ETH price to rally, it seems that some traders are dumping their holdings. In the case of this Ethereum whale, they have nearly $34.35 million in ETH. Since this is a large amount, it could further impact the market and push ETH price to lower levels.
Whales continue to play a crucial role in the digital asset market. The buying and selling of these traders has short-term implications on the price movements of a particular cryptocurrency. In this case, the price of Ethereum can absorb the price of this sale. This can hamper the potential recovery of the cryptocurrency after a recent downturn.
ETH Price Outlook
At the time of going to press, Ethereum is trade around $3,072. Although the price has increased by 0.52% in the last 24 hours, it has failed to recover from previous losses. The recent bearish sentiment has not been good for the bulls, causing uncertainty in the market.
It should be noted, however, that today short sale The whale’s impact on ETH price has not affected much. Moreover, the coin is holding well above the $3,000 price level, acting as a key support. Therefore, the bulls have not completely lost hope and expect a price recovery in the coming days.
About the Author
Mushumir Butt
With over three years of experience in the cryptocurrency industry, Mushumir is a seasoned author dedicated to understanding the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical knowledge and communicative flair to the crypto space. Having authored countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and those new to the cryptocurrency space.